NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Pacific Life Insurance Company today announced it has completed the sale of Aviation Capital Group (ACG), its commercial aircraft leasing subsidiary, to Tokyo Century Corporation (Tokyo Century).
In 2017, Tokyo Century acquired from Pacific Life a 20% membership interest in ACG, and later expanded ownership to 24.5%. The completion of this transaction, first announced on September 9, 2019, results in Tokyo Century now owning 100% of ACG.
“The sale of ACG allows Pacific Life to reinvest into our core businesses and provide a sharper focus on enhancing capabilities to better serve our policyholders,” said Jim Morris, chairman, president & CEO of Pacific Life. “We wish ACG the very best as it continues its growth as part of Tokyo Century.”
Tokyo Century is publicly-held and listed on the Tokyo Stock Exchange. Its core lines of business include Equipment Leasing, Mobility & Fleet Management, Specialty Financing, and International Business with a global network in 37 countries and regions. More information can be found at: www.tokyocentury.co.jp/en/.
Goldman Sachs served as financial advisor to Pacific Life for this transaction, together with Debevoise & Plimpton LLP as the legal advisor.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2019 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2019 is compiled by Pacific Life using the 2019 FORTUNE 500® list.